Is your business suffering from negative cashflow? Are pressures from HMRC, PAYE and other liabilities beginning to mount up? It is not uncommon for businesses to suffer such stresses at some point in their lifespan, and when these combine it can sometimes push a business over the edge into insolvency.
In such circumstances many directors are unaware of their choices. One possible solution is a creditors’ voluntary liquidation or CVL, which allows you to effectively and formally end the business whilst satisfying all the demands of your creditors to the maximum possible extent.
If the company consents to a CVL, then a licensed UK insolvency practitioner is appointed to oversee proceedings. This individual will take control of the company, a schedule is made of all the remaining assets and then these are sold off to satisfy the company’s creditors on a priority basis.
In certain situations UK based directors are permitted under company law to repurchase key assets and subsequently deploy them, setting up a new legal enterprise that can help save jobs, retain clients and even work out of the same premises. McTear Williams & Wood has a considerable track record helping out businesses in this position reach a successful conclusion.
How can we help you?
Free initial assessment - in the first instance, we are able to offer you a consultation appointment that reviews your current situation and provide you with an overview of your choices.
Business recovery assessment - are you sure a CVL is the best move for your business? It may still be possible to turnaround your business and there may be better options.
Communicating with creditors – one of the key steps in implementing a CVL is setting up a meeting with your business’s creditors in order to pass the resolution to allow the liquidation and to confirm the choice of liquidator.
Liquidating your company - we manage the process through which your assets are realised and sold to the highest bidder to assure you of a quick and trouble free transaction.
Find out more about a potential creditors’ voluntary liquidation from our Bedford offices and meet with one of our senior advisors who will be able to review your situation in a confidential one to two hour appointment.
You’ll be able to discover the best way forward for the future of both your company and your finances.